30 April 2010
As per P.F. Act, Maximum Basic Salary is RS.6500/-. My query is if my basis is Rs. 10000/- in that case can i request my employer to deduct p.f. on rs. 6500/- instead of rs. 10000/-. If yes, what is the procedure for that.
If it is specificaly mentioned in P.F. Act kindly send me. Thanks
30 April 2010
UP TO SALARY OF RS. 6500/- EMPLOYER IS BOUND TO DEDUCT PF, AND IN THE CASE OF SALARY ABOVE RS. 6500/- THEN ITS FULLY DEPENDS TO YOUR EMPLOYER,
SO YOU CAN PERSONALLY MEET AND REQUEST TO YOUR EMPLOYER.
30 April 2010
Nothing is mentioned like lower deduction of PF if your basic slary exeeds Rs 6500/- in the act.
As per the Act, the member has to contribute at the rate of 10% or 12% of his basic pay, D.A. & retaining allowance if any. In case the member wants to contribute more than this, voluntarily he can do so at any rate he desires. i.e. upto 100% of basic and D.A. But the employer is not bound to contribute at the enhanced rate.
30 April 2010
Dear Chandan, Author wants to know if the basic salary exceeds Rs.6500/- whether the employee can opt the minimum contribution of PF on Rs.6500 instead of the Actual basic
30 April 2010
Dear CA Deepali I fully agree with CA Ashok. Employer have duty upto basic 6500 pm if exceed basic 6500 pm then it depends company policy and employees
CAclubindia
